Swiss investment bank UBS has appointed Robert Barnes to lead its pan-European non-displayed trading platform, UBS MTF.
Barnes, who has worked at UBS for 16 years, will lead the yet-to-be-launched multilateral trading facility (MTF) in addition to his current role as head of market structures at the firm, which he has held for the last five years.
UBS announced its intention to set up an MTF in March 2010 to run alongside UBS PIN, its existing discretionary internal crossing service. The MTF is awaiting regulatory approval from UK regulator the Financial Services Authority.
Upon launch, UBS MTF will execute at the mid-point price of a stock’s listing and report trades in real-time to over-the-counter reporting venue Markit BOAT. Unlike PIN, and in compliance with MiFID, the MTF will be open to all eligible market participants, rather than just UBS institutional clients. UBS will appoint a central counterparty in due course.
“When we established the vision for UBS MTF, Robert was one of its primary architects,” said Francois Gouws, head of European equities for UBS Investment Bank, in a statement. “He has a wealth of experience in the advocacy of market efficiency on behalf of our clients. With his appointment, we are ensuring that the core philosophies that drove its creation will be woven into the fabric of the UBS MTF’s daily operations.”
“I am delighted to have this opportunity to put our long-held market ideologies of efficiency, fair access and user choice into practice,” added Barnes. “My goal is to ensure that UBS MTF will deliver the benefits of innovation and quality liquidity to reduce price impact and counterparty risks for clients who trade European securities.”
UBS will be the second investment bank to launch is own dedicated MTF after Nomura reclassified its NX crossing network in January. UBS is also one of 12 banks to hold a stake in Turquoise, the pan-European MTF majority owned by the London Stock Exchange.